The Group Chief Executive Officer of Nigerian National Petroleum Company Limited, Bayo Ojulari, has said the resolution of the dispute surrounding oil prospecting lease (OPL) 245 will enable the development of the Zabazaba–Etan deepwater project.

In a statement issued on Saturday, Ojulari noted that advancing the project could increase Nigeria’s crude oil output by about 150,000 barrels per day (bpd).

On March 5, the Presidency of Nigeria announced that a settlement agreement had been successfully concluded between the Federal Government, Eni, and Nigerian Agip Exploration Limited (NAEL).

According to the presidency, the agreement ended the protracted dispute over OPL 245 and created the opportunity to move forward with the development of one of Nigeria’s most important deepwater resources.

Commenting on the development, Ojulari described the resolution as a major milestone for both the country and NNPC as efforts continue to promote responsible development of Nigeria’s strategic energy assets.

“We are honoured that President Bola Ahmed Tinubu GCFR entrusted NNPC Limited with the responsibility of supporting the resolution of the long-standing OPL 245 dispute involving the Federal Government of Nigeria, ENI, and Nigerian Agip Exploration Limited (NAEL),” he said.

“As noted by the President, this resolution clears the path for the development of one of Nigeria’s most strategic deepwater assets — the Zabazaba–Etan project.

“Progressing this development could add approximately 150,000 barrels per day to Nigeria’s oil production, representing a significant step toward strengthening our national energy security and economic resilience.”

Ojulari further said the achievement demonstrates the value of collaboration, persistence, and a shared determination to utilise Nigeria’s vast energy resources for the country’s benefit.

The Presidency had said the agreement was reached at a meeting in the President’s office attended by the Chief Executive Officer of Eni, Claudio Descalzi; Chief Operating Officer of Eni, Guido Brusco; Head of Sub-Saharan Region, Mario Bello; Managing Director of Nigerian Agip Exploration, Fabrizio Bolondi; and Special Adviser to the President on Energy, Olu Verheijen.

This brought to a close the long-standing dispute over Oil Prospecting Licence (OPL) 245, paving the way for the development of one of Nigeria’s most significant deepwater resources, according to a statement by his media aide, Bayo Onanuga.

It said that the agreement, signed in Abuja, marked the resolution of a dispute spanning more than 15 years and restores clarity and stability to an asset widely recognised as one of Nigeria’s most commercially promising deepwater blocks.